Bluestone Mortgages

ACG

jamiebuyer said:

Has anyone remortgaged with bluestone after your fixed rate Is up?

MovingForwards said:

jamiebuyer said:

Has anyone remortgaged with bluestone after your fixed rate Is up?

@ACG how does it work with them? 
Is it a case of pick another fix and pay the arrangement fee or something else?

jamiebuyer said:

I was wondering this myself as I know my credit isn't good enough to go else where by the time it's ready for me to re mortgage 

At the end of the deal, you will revert to the SVR. 
If you want to take out a new product with Bluestone you have to re-apply as though you were a brand new customer. It is the same for most of the lenders in that part of the market. 

jamiebuyer

So they'll do credit checks, and ask for information again is it?

ACG

jamiebuyer said:

So they'll do credit checks, and ask for information again is it?

Yea. Credit check (but dont forget, its a case of fitting criteria, not passing a credit score), new bank statements and payslips etc. Their rates are quite high at the moment. There could be better options elsewhere, but appreciate the last 2 years have not been the friendliest so there may not be.

Jen271626

Hi @ACG hope you are well, you gave me some great advice previously when I was going through the mortgage process with Bluestone.

My fixed rate ends next August. I'm getting ahead of myself I know, but would like to know to settle my mind.

On their product guide currently it says their svr "bvr" is currently 3.5%, does that mean then if my fixed rate was ending now for example, I'd go on to that interest rate? Which is actually less than the 4.5 I'm on now. Thanks in advance. 

ACG

I dont think it will be 3.5%, I think it will be 3.5% above their base rate? 

I have just checked an offer with Bluestone from 2020 and it says:

This mortgage will be at a fixed rate of x.xx% for 5 years until 31 January 2025. From 01 February 2025, the rate of interest will change to a reversionary rate which is a variable rate. This will be at a margin of 3.50% above the Bluestone Standard Variable Rate, giving a current rate payable of 5.50%, 

aszasz

Wr are using simply adverse for a re mortgage with bluestone. They sent oit a dd mandate form  from bluestone to wet sign and send back. However today i was told its with a lady who is a pre underwriter with simply does this mean its not even submitted to bluestones? As the amounts of questions asked on our income expenditure and other things i thought were being asked by lender. Can someone help with this ? Also how long will the process take its been 2 weeks today since sending in docs etc . 

ACG

I know the owner of Simply, they are quite thorough before sending in the application. This can work well especially where affordability is tight as there are no nasty surprises. 

Bluestone (along with a lot of the specialist lenders) are quite fussy. So if you imagine sending in an application to these lenders needs more packaging than other lenders. The underwriters go through your bank statements line by line and assign every transaction to something for expenditure. The better job you do pre-application, the less likely you are to have issues or questions post application. Every time it goes back to an underwriter it takes maybe 3-4 days for them to look at it, so although it can feel slow at the outset you should make the time up in the long run. 

aszasz

ACG said:

I know the owner of Simply, they are quite thorough before sending in the application. This can work well especially where affordability is tight as there are no nasty surprises. 

Bluestone (along with a lot of the specialist lenders) are quite fussy. So if you imagine sending in an application to these lenders needs more packaging than other lenders. The underwriters go through your bank statements line by line and assign every transaction to something for expenditure. The better job you do pre-application, the less likely you are to have issues or questions post application. Every time it goes back to an underwriter it takes maybe 3-4 days for them to look at it, so although it can feel slow at the outset you should make the time up in the long run. 

Thankyou thats helpful to know , i guess its a good sign then and hopefully all goes well. Do you know what the time scales are ? And we would actually be told its gone to bluestones. I don't like pestering simply 😕 

ACG

Bluestone are taking 2-3 working days. I dont know about Simply. 
Call Simply, they should be giving you timeframes so you know how long to not pester for. 

aszasz

ACG said:

Bluestone are taking 2-3 working days. I dont know about Simply. 
Call Simply, they should be giving you timeframes so you know how long to not pester for. 

I will do thankyou, i just seen on my credit file Bluestone have done have done 2 enquirie searches and 2 Audit searches but non on my partners.